The prospect of Liverpool building a 73,000-seater stadium while Tom Hicks and George Gillett are in charge is more remote than ever following revelations about the debt incurred by the club's American owners.

The need to find wealthy owners to fund proposed new stadium in Stanley Park was the sole reason the club was sold, and the Americans promised that work would commence within months of their takeover in February 2007. Its projected profits continue to influence the co-owners' valuation of the club. The stadium, however, has been "subject to delay" since the economic crisis began to take effect last August and there are no signs of progress, despite millions being spent by Liverpool on preparation works. When asked about the stadium project yesterday, one Liverpool source responded: "You can forget about that."

The regeneration of the Anfield area is dependent on Liverpool's new stadium and has also stalled as a consequence. Last month the leader of Liverpool city council, Councillor Warren Bradley, renewed his calls for Liverpool and Everton football clubs to consider a shared stadium and warned the city could be overlooked as a host venue for the 2018 or 2022 World Cup because of both clubs' inability to deliver new arenas.

Accounts published on Thursday confirmed Liverpool's parent company, Kop Football (Holdings) Limited, owned by Hicks and Gillett, suffered a £42.6m loss for the year ending July 2008 despite posting a record turnover of £164.2m. It was accompanied by a warning from the club's accountants, KPMG LLP, over Kop's ability to continue as "a going concern" should the co-owners fail to refinance a £350m lending facility before a 24 July deadline.

As of January, according to the accounts, Hicks and Gillett had spent £313m of their facility with the Royal Bank of Scotland and Wachovia. It is estimated they will also need to borrow an extra £400m to complete work on the new stadium. Hicks and Gillett, however, remain confident of refinancing their £350m debt with RBS and Wachovia next month. The pair recently met RBS officials to discuss an extension to the loan and were told they would have to significantly increase their personal contributions for the banks to agree. The extension will be for at least six months, possibly with an option for longer, with the personal guarantees estimated to be in the region of £100m-£150m.

Despite the parent company's losses, the strained relationship between Hicks and Gillett and the open hostility they have faced from Liverpool supporters since details of their takeover emerged, the Americans are not expected to sell the club in the short term. Hicks, in fact, remains adamant that he will oversee the construction of the new stadium or will at least have a stake in Liverpool when it eventually does rise.

Interest from Dubai and Kuwait has diminished due to financial conditions and the Americans' valuation of Liverpool respectively, and it is expected the refinancing deal will allow Hicks and Gillett to remain in situ until market conditions improve. A new investor may then be required to fund the new stadium.

The announcement of the losses coincided with renewed efforts by the Liverpool supporters group, the Spirit of Shankly, to pressure the RBS out of the proposed refinancing deal next month. Supporters are being encouraged to write to the RBS manager responsible for the Liverpool account and MPs opposing continued cooperation between the bailed-out bank and the club's owners.

John Mackin, spokesperson for Spirit Of Shankly, said: "It is time that, as well as using our money, they actually listen to us. Say no to Hicks and Gillett. Force them out. Let us look for a more viable, a more fitting and responsible option in the best interests of Liverpool Football Club, and not just in the interests of the corporate greed of the current owners."